(a) There is established the Virgin Islands Underground Storage Tank Revolving Impress Account (hereinafter the “Account”). The Commissioner shall be the responsible for the account.
(b) The account shall consist of all underground storage tank registration fees collected pursuant to section 655 of this chapter, all initial certification service fees, re-certification fees and late filing fees collected pursuant to section 663 of this chapter, all environmental assurance fees collected pursuant to section 672 of this chapter, all fund disbursements that have been recovered pursuant to the provisions of this chapter, all funds available for use through the Federal Leaking Underground Storage Tank Trust Fund or any other funding available through federal law or from any other funding source.
(c) Disbursements from the account shall be made from the Account by the Commissioner only for the following purposes:
(1) In the event of a release or threat of release of a regulated substance from a petroleum UST system, to take emergency action necessary to assure that the public health or safety is not threatened;
(2) Where the owner or operator has not been identified or is unable or unwilling to perform corrective action, to take preventative or corrective action where the release of a regulated substance presents and actual or potential threat to human health or the environment;
(3) To provide compensation for the property damage of third parties affected by items (1) and (2) of this subsection. However;
(A) A property owner shall not be considered a third party if the property was transferred by the owner or operator of a UST system in anticipation of damage due to a release;
(B) Third party liability property damage shall be reimbursed based on the rental costs of comparable property during the period of loss of use up to a maximum amount as established by regulation of the Department;
(C) In the case of property that has been destroyed as a result of a regulated substance, reimbursement shall be an amount necessary to replace, restore or repair the destroyed property, whichever is less;
(D) Loss of business or damages as a result thereof is not recoverable under the provisions of this section;
(E) Compensation under the provisions of this item shall not include any claim for attorney's fees, punitive damages, or damages for mental anguish;
(4) To pay all necessary costs for the administration of the account;
(5) To reimburse eligible owners or operators who have completed and provided corrective action as provided under the provisions of this chapter; and
(6) To provide payments to contractors hired by the Department to provide corrective action for regulated substances from UST systems.
(d) The Commissioner shall provide to the Governor and the Legislature an accounting of all of the deposits and disbursements from the account, on an annual bases.